DALLAS, Nov. 13, 2018 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the
"Company") today announced that it has secured a $25 million property-level mortgage financing for
the recently-acquired La Posada de Santa
Fe in Santa Fe, New Mexico.
The loan, effectively representing 50% of the asset purchase
price, has a two-year initial term with three one-year extension
options subject to the satisfaction of certain conditions.
The loan is interest only with a rate of LIBOR + 2.55%.
This hotel is the second investment to benefit from the
previously announced Enhanced Return Funding Program ("ERFP") with
Ashford Inc. (NYSE American: AINC).
"We are pleased to take advantage of the current favorable
conditions in the lending markets to secure this financing of the
La Posada de Santa Fe on
attractive terms," said Douglas A.
Kessler, Ashford Trust's President and Chief Executive
Officer. "We are optimistic that we are well positioned for
superior returns on this investment given the combination of the
ERFP benefits and the expected significant value-add operational
synergies. As we continue to seek growth in the performance
of our portfolio, we will remain focused and diligent in our
efforts to maximize shareholder value utilizing the ERFP for future
investments."
Ashford Hospitality Trust is a real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry in upper upscale, full-service hotels.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the federal
securities regulations. Forward looking statements in this
press release may include, among others, statements about the
Company's strategy and future plans. When we use the words
"will likely result," "may," "anticipate," "estimate,"
"should," "expect," "believe," "intend," or similar expressions, we
intend to identify forward-looking statements. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Ashford Trust's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general conditions of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, and the degree and
nature of our competition. These and other risk factors are
more fully discussed in Ashford Trust's filings with the Securities
and Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. The
Company can give no assurance that these forward-looking statements
will be attained or that any deviation will not occur. We are
not obligated to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or circumstances, changes in expectations or otherwise.
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SOURCE Ashford Hospitality Trust, Inc.